Is it possible to switch the insurer during bike insurance renewal

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03 Aug 2023

Switching Your Bike Insurance Insurer during Renewal

Motor insurance is critical if you own a two-wheeler, such as a bike. The insurance protects your vehicle from any heavy loss incurred due to unforeseen circumstances while also fulfilling the legal requirement. Indian law regarding the insurance policy is stringent, and you can be liable to pay a hefty amount as a fine in case you do not have bike insurance.

You must have felt some difficulty or complications - it can be a huge premium, or you might not get any extra benefits. Hence, you have decided to switch the insurer, but you are unsure how or if it is possible. Well, this guide is for you.

Is it possible to switch the insurer during bike insurance renewal?

In case your existing insurance provider cannot provide the cover you need, or you are paying a high premium that is quite heavy on your pocket. You are thinking of switching the insurer - the answer is yes. You can!

The easiest time to select a different insurance plan is during bike insurance renewal. An insurance policy is an agreement that lasts for a certain amount of time. When the time frame is up, the deal is over, and you can choose another contract made available by the same insurance provider or a new provider.

The procedure for renewing bike insurance is comparable to purchasing one. As a result, there is no need to be concerned about the difficulties brought on by a different approach. If applicable, your No Claim Bonus (NCB) will be kept if you select a new insurer. You can simply talk to your current insurance provider that you want to end the tenure. Hence, the claims will be settled, and you can move on to the new insurer.

What are the types of bike insurance policies?

Indian insurance providers offer the following bike insurance policy in India -

• Third-party liability policy

There is a mandate in law for this type of insurance policy. According to the Motor Vehicles Act of 1988, all bikes must be covered by this coverage to avoid fines & legal punishment. The third-party insurance coverage protects the policyholder against liabilities related to third-party property damage and injury but does not cover damage to the covered vehicle.

• Comprehensive policy

As the name denotes - it offers comprehensive coverage - from the mandatory third-party liabilities to own damage cover. You will have to pay a higher premium amount. But you can have all the benefits. Also, this is not priced by the IRDAI but rather by the insurance company.

• Add-ons

You can buy add-ons when renewing a policy or purchasing a new one. Some of the add-ons offered by the insurance providers are - Zero Depreciation, Roadside Assistance, Engine Cover, and many more. However, add-ons will slightly increase the premium but also enhance the cover.

Now that we know you can easily switch insurers during bike insurance renewal, you can always do the needful. Doing it online is the most hassle-free way, as it saves your time and avoids any complications that might arise during the process.

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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.